92K Loan

[Anonymous]

Can you guys give me some insight on how I will fare applying for my loan

Looking to buy my dream car 2015 Corvette Z06 - after tax 102K

Credit Score: 754

AAoA: 10yrs - less than 20% utilization on 60K availablility

Income: 120K / yr

Lenght of Employment: 8+ yrs

Previous Loan Experience: paid off two cars and one truck 

Debt-to-Income (DTI): 18%

Year of Car:2015

Miles:0

Purchase/Refinanceurchase

Requested loan term (XX Months):72

Down payment amount:10K

Co-borrower/Co-Signer:

Other: May put more down.  But depending on the interest rate I qualify for, I may choose to keep more cash.

Thank in advance, BB 

[EddieK]

Your best bet will most likely be dealership financing.  Even so that's a very high loan amount vs income to get approved.  I bought a brand new C5 years ago and financed through the dealership, but put almost 50% down.  Either way, good luck and awesome car!

[Anonymous]

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@Anonymous wrote:

Can you guys give me some insight on how I will fare applying for my loan

Looking to buy my dream car 2015 Corvette Z06 - after tax 102K

Credit Score: 754

AAoA: 10yrs - less than 20% utilization on 60K availablility

Income: 120K / yr

Lenght of Employment: 8+ yrs

Previous Loan Experience: paid off two cars and one truck 

Debt-to-Income (DTI): 18%

Year of Car:2015

Miles:0

Purchase/Refinanceurchase

Requested loan term (XX Months):72

Down payment amount:10K

Co-borrower/Co-Signer:

Other: May put more down.  But depending on the interest rate I qualify for, I may choose to keep more cash.

Thank in advance, BB 

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Yikes, even with a really generous interest rate your payment is roughly 17% of your monthly pay.  I would try to put more down and MOST CERTAINLY get "GAP" coverage once you take delivery. 

So, speaking from experience in Corvette's (I have a C6) do yourself a favor since you are getting the beast ride, do the Corvette Museum delivery.  You are already dropping 100K on a car, it's worth every penny for the experience.

http://www.corvettemuseum.org/ncm_delivery/

Congrats!!!!

[EddieK]

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@Anonymous wrote:

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@Anonymous wrote:

Can you guys give me some insight on how I will fare applying for my loan

Looking to buy my dream car 2015 Corvette Z06 - after tax 102K

Credit Score: 754

AAoA: 10yrs - less than 20% utilization on 60K availablility

Income: 120K / yr

Lenght of Employment: 8+ yrs

Previous Loan Experience: paid off two cars and one truck 

Debt-to-Income (DTI): 18%

Year of Car:2015

Miles:0

Purchase/Refinanceurchase

Requested loan term (XX Months):72

Down payment amount:10K

Co-borrower/Co-Signer:

Other: May put more down.  But depending on the interest rate I qualify for, I may choose to keep more cash.

Thank in advance, BB 

---

Yikes, even with a really generous interest rate your payment is roughly 17% of your monthly pay.  I would try to put more down and MOST CERTAINLY get "GAP" coverage once you take delivery. 

So, speaking from experience in Corvette's (I have a C6) do yourself a favor since you are getting the beast ride, do the Corvette Museum delivery.  You are already dropping 100K on a car, it's worth every penny for the experience.

http://www.corvettemuseum.org/ncm_delivery/

Congrats!!!!

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Good advice.  I'd also recommend looking at the extended warranty.  I normally don't buy that stuff, but did when I bought my Vette and it paid off big time.  And you can haggle on the warranty, I paid around $900 for a 5yr/70k.

[Anonymous]

Thanks guys.  I know it seems like a lot. . . .  becuase it really is.  The only reason I am even considering is that the car is really my only other expense.  Daily driver truck is paid off with plenty of miles still left on it.  I move around the country for work and am only renting at this point and my rent is only 1K/mth.  

What would you call a "really generous rate"?

[Anonymous]

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@EddieK wrote:

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@Anonymous wrote:

---

@Anonymous wrote:

Can you guys give me some insight on how I will fare applying for my loan

Looking to buy my dream car 2015 Corvette Z06 - after tax 102K

Credit Score: 754

AAoA: 10yrs - less than 20% utilization on 60K availablility

Income: 120K / yr

Lenght of Employment: 8+ yrs

Previous Loan Experience: paid off two cars and one truck 

Debt-to-Income (DTI): 18%

Year of Car:2015

Miles:0

Purchase/Refinanceurchase

Requested loan term (XX Months):72

Down payment amount:10K

Co-borrower/Co-Signer:

Other: May put more down.  But depending on the interest rate I qualify for, I may choose to keep more cash.

Thank in advance, BB 

---

Yikes, even with a really generous interest rate your payment is roughly 17% of your monthly pay.  I would try to put more down and MOST CERTAINLY get "GAP" coverage once you take delivery. 

So, speaking from experience in Corvette's (I have a C6) do yourself a favor since you are getting the beast ride, do the Corvette Museum delivery.  You are already dropping 100K on a car, it's worth every penny for the experience.

http://www.corvettemuseum.org/ncm_delivery/

Congrats!!!!

---

Good advice.  I'd also recommend looking at the extended warranty.  I normally don't buy that stuff, but did when I bought my Vette and it paid off big time.  And you can haggle on the warranty, I paid around $900 for a 5yr/70k.

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Definitely this.  Chevrolet really stepped up the game big time on that C7 Z06 with 650 HP.  The feedback on the Corvette forum is strong.

[Anonymous]

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@Anonymous wrote:

Thanks guys.  I know it seems like a lot. . . .  becuase it really is.  The only reason I am even considering is that the car is really my only other expense.  Daily driver truck is paid off with plenty of miles still left on it.  I move around the country for work and am only renting at this point and my rent is only 1K/mth.  

What would you call a "really generous rate"?

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I used 2.9% in my quick calculation. 

[Rackham94]

If you chose the Corvette® Engine Build Experience package please post pics

[Anonymous]

Just wanted to thank you guys and let you know I was approved!!!

85K @ 2.9 for 72 mo's

Backed out on my order becuase I found one with all but one of my desired options under MSRP out of Missouri.  Should have keys in hand next week!!!!

[Ragelog]

Congrats. Do you plan to pay it on schedule or pay extra? As staying with schedule will result in nearly 8k in interest.

Post pictures when you get it what color did you go with?